The economics minister, Shen Jong-chin, says trade war between the United States and China will have little impact on Taiwan. Shen was speaking on Friday.
Shen’s comments came two days after the Trump administration announced its third wave of tariffs on Chinese products. Washington is planning to impose a 10% tariff on Chinese products worth US$200 billion.
The products on the latest tariff list involve the mechanics industry and wafer production. These are two industries where Taiwan is concerned about a possible impact. Shen talked about the government’s preliminary review.
“About the mechanics industry, I think our [market] and most of China’s market are for domestic demand. China has a big domestic market. Therefore, there is little impact as of now," said Shen.
As for textiles, Shen said the industry exports mostly fiber, yarn and cloth to China. There would therefore be no direct impact on Taiwan as only products made in China will be sold in the US.
Shen nevertheless said his ministry is proceeding with caution and will map out a contingency plan if needed.